So, what's your take on tonight's event?

I'm giving you a pair of glasses, not the answer (whether to buy or not is your own judgment, I can't give it, nor will I):

First, don't be led by labels like "the largest IPO in history." Big scale doesn't mean it's worth chasing. In fact, a bunch of the hottest companies listing at high valuations can sometimes be a signal of a peak — insiders who know the company best choose to sell shares to the most enthusiastic outsiders at the peak of sentiment. This principle is worth remembering for a lifetime.

Second, when looking at a cyclical company's "cheapness," don't just look at the valuation number; ask where it is in the cycle. A valuation of 6x can be a golden opportunity at the start of a cycle, but a trap at the peak.

Third, tonight's listing is essentially a stress test by the market on whether "AI infrastructure is still viable." If it gets snapped up, it means money still firmly believes in AI infrastructure; if the reaction is lukewarm, or it even breaks its issue price, it means money is already highly hesitant about AI infrastructure. Regardless of the outcome, tonight will tell you whether the hype around this wave of AI infrastructure is still there or not.

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